Commonwealth Consolidated Acts

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INCOME TAX ASSESSMENT ACT 1936 - SECT 316

Object of Part

             (1)  The object of this Part is to provide for certain amounts to be included in a taxpayer's assessable income (Division 9) in respect of:

                     (a)  the attributable income of a CFC (section 456); and

                     (b)  certain changes of residence by a CFC (section 457).

             (2)  To that end (and for other purposes of this Act) this Part contains rules relating to the following:

                     (a)  interpretation (Division 1);

                     (b)  types of entities (Division 2);

                     (c)  control interests, attribution interests, attributable taxpayers and attribution percentages (Division 3);

                     (d)  attribution accounts (Division 4);

                     (g)  the calculation of attributable income of a CFC (Division 7);

                     (h)  the active income test (Division 8);

                      (j)  post-attribution asset disposals (Division 10);

                     (k)  the keeping of records (Division 11).



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